Cattle futures closed sharply lower after opening little changed. But futures headed south soon after the open and hit the lows by late-morning. Futures were pressured by slight weakness in mid-week cash trading. Today’s losses added on to those posted Monday and Tuesday after failing at contract highs. In boxed beef, Choice gained .49 to 213.13 and Select gained 1.13 to 198.89.

Lean Hog futures closed lower and close to the day’s lows. The December LH has now closed lower for 6 straight days, losing $4.50/cwt. The 63.00 price looks like a support level, then 62.00 (50% retracement) and then 61.00. Lean Hogs were pressured by weaker pork values and the sharp losses in cattle futures and by rising average hog weights that implies a backup in inventories. LH futures remain at about a $5.00 discount to the CME LH Index. FOB Plant Pork dropped .37 to 80.67, compared to the midday quote of 79.95.

Corn Dec unch 348 (346-49); Mar unch 361

Bean Nov +2 988 (984-89); Mar +3 1009

Meal unch 315

Oil +35 3537

Wheat Dec unch 427; Jly -1 469 (462-70)

KC +1 427; MGE +9 643

Oats -1 269

Rice -10 1114

LC Dec -170 12292; Feb -180 12857; Apr -100 12837

FC Nov -255 15732; Jan -362 15690; Apr -275 15475

LH Dec -37 6355; Feb -112 6975; Apr -72 7395

Milk Nov +13 1660; Dec -12 1530

US$ steady

Dow +6 23563

SP +4 2594

NAS +21 6789

Tran -41 9631

VIX -.11 9.78

WTI -36 5684

Brent -19 6350

Gas +1 182

NG unch 315

HO unch 192

Eth -2 145

Gold +6 1282

Slvr +9 1703

2-yr +.020 1.649%

5-yr +.027 2.010%

10yr +.027 2.334%

30yr +.022 2.792%

This is the first day with a yield increase since October 26 when yield was 2.96%. The lowest yield over the past six months was 2.64% in early September.

Compared to last Tuesday steer and heifer calves sold steady to 2.00 higher with good demand on a average through good quality offering. Market very active for yearling packages today. Slaughter cows and slaughter bulls sold steady with light demand.